HomeworkLib
Question

This topic is related to long-term assets. Go into your environment, and select an asset and...

This topic is related to long-term assets. Go into your environment, and select an asset and explain how it would be treated for accounting purposes. Describe the asset, identify where it would be listed on the balance sheet, and determine if it would be depreciated. Discuss the rationale behind your conclusions.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

IF YOU HAVE ANY DOUBTS COMMENT BELOW I WILL BE TTHERE TO HELP YOU..ALL THE BEST..

AS FOR GIVEN DATA..

Go into your environment, and select an asset and explain how it would be treated for accounting purposes. Describe the asset, identify where it would be listed on the balance sheet, and determine if it would be depreciated. Discuss the rationale behind your conclusions.

Answer: I would like to select Asset like Machinery. Machinery is treated like fixed assets and would be depreciated according to company policy.

Machinery is fixed type asset and used for more than 1 year and used in production.

It will be listed under non current asset head on th balance sheet.

It will be depreciated according to SLM ,DDB, WDV , etc.

Net balance of machinery will be shown in balance sheet .

For example: A machinery is purchased $10000 and salvage value at the end of 5 years is 0. calculate dep

Dep=10000/5=$2000 per year according to SLM.

I HOPE YOU UNDERSTAND..

PLS RATE THUMBS UP..ITS HELPS ME ALOT..

THANK YOU...!!

0 0
Add a comment
Know the answer?
Add Answer to:
This topic is related to long-term assets. Go into your environment, and select an asset and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1. Which of the following is not an intangible asset? Select one: a. Copyright b. Long-term...

    1. Which of the following is not an intangible asset? Select one: a. Copyright b. Long-term receivable c. Trademark d. Goodwill 2. Accounts receivable would appear on the balance sheet as a(n): Select one: a. liability. b. fixed asset. c. unearned revenue. d. asset.

  • The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset,...

    The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset, but at the same time not affecting owner’s equity b. Use it as a temporary account c. Present a higher net income d. Always reflect the original value (historical cost) of the asset on the balance sheet

  • What is the difference between a current asset and a long‐term asset? Why is cash typically...

    What is the difference between a current asset and a long‐term asset? Why is cash typically listed first on a balance sheet? List and explain the major items found on an income statement. What is accrual accounting? Give an example of how accrual accounting affects a company's financial statement. List the four categories of financial ratios and give an example of each. What is the purpose of ratio analysis? What is a cash budget? Briefly outline what a simple cash...

  • This discussion thread test the Learning Objective of 3-2 Identify and describe the various balance sheet...

    This discussion thread test the Learning Objective of 3-2 Identify and describe the various balance sheet asset classifications and 3-3 Identify and describe the various liability and shareholders' equity classifications. The usefulness of the balance sheet is enhanced when assets and liabilities are grouped according to common characteristics.  The broad distinction made in the balance sheet is the current versus long-term classification of both assets and liabilities. Required: 1. Discuss the factors that determine whether an asset or liability should be...

  • For manufacturers, long-term tangible assets: Select one: a. Are often the largest item on the balance...

    For manufacturers, long-term tangible assets: Select one: a. Are often the largest item on the balance sheet b. Are usually the smallest item on the balance sheet c. Are not shown on the statement of financial position d. Are classified as liabilities

  • Where would you look on a firm's balance sheet to find a firm's Long-term investments? Multiple...

    Where would you look on a firm's balance sheet to find a firm's Long-term investments? Multiple Choice Ο Non-current section of the balance sheet called long-term investments. Ο Intangible asset section of the balance sheet. Ο Equity section of the balance sheet. Ο Plant assets section of the balance sheet. Current asset section of the balance sheet. Ο.

  • Paper Assignment Topic Discuss Central Line-Associated Bloodstream Infection (CLABI) "or" Ventilator-Associated Pneumonia (VAP) outbreak in long-term...

    Paper Assignment Topic Discuss Central Line-Associated Bloodstream Infection (CLABI) "or" Ventilator-Associated Pneumonia (VAP) outbreak in long-term acute care hospital settings. Address the following in your report: Characterize the epidemiology and microbiology Describe the agent, and identify the host and the environment that is favorable for the infection. Discuss how the infections spread and the types of prevention and control measures Identify a population and develop a hypothesis about possible causes in a testable format with standard statistical notation (the null...

  • Paper Assignment Topic Discuss Central Line-Associated Bloodstream Infection (CLABI) "or" Ventilator-Associated Pneumonia (VAP) outbreak in long-term...

    Paper Assignment Topic Discuss Central Line-Associated Bloodstream Infection (CLABI) "or" Ventilator-Associated Pneumonia (VAP) outbreak in long-term acute care hospital settings. Address the following in your report: Characterize the epidemiology and microbiology Describe the agent, and identify the host and the environment that is favorable for the infection. Discuss how the infections spread and the types of prevention and control measures Identify a population and develop a hypothesis about possible causes in a testable format with standard statistical notation (the null...

  • Which two of the following five statements are correct? Select two alternatives: By offering assets together...

    Which two of the following five statements are correct? Select two alternatives: By offering assets together with complementary services, lessors can achieve efficiency gains and offer attractive lease rates. The decision to lease is often driven by real-world market imperfections related to leasing's accounting, tax, and legal treatment. The lease is treated as a capital lease (financial lease) for the lessee and must be listed on the firm's balance sheet if it contains an option to purchase the asset at...

  • 1. Identify and select any topic of your interest related to public health or health informatics,...

    1. Identify and select any topic of your interest related to public health or health informatics, for approval 2. List down your study question, study goal, and study specific objectives, for approval 3. Why you have selected this topic and why it is important? what are its scopes in health 4. Give a brief introduction of your research topic along with its key terms Please attach the cover sheet to you your assignment  Examples of previous students work, 1. Privatization...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT